India will approach its future trade ties with the US with a “very open mind,” Trade Minister Piyush Goyal said Friday, days ahead of steep new US tariffs on Indian imports.

India-US trade talks collapsed over India, the world's fifth-largest economy, resisting opening its vast agricultural and dairy sectors. Bilateral trade between the two countries is worth over $190 billion.

Indian exports face US duties of up to 50% - among the highest imposed by Washington - after President Donald Trump announced extra tariffs as a punishment for New Delhi's increased purchases of Russian oil.

Currently, a 25% tariff on the import of Indian goods into the US has come into effect, while the remaining 25% is set to be enforced from August 27.

Goyal, speaking at an Economic Times forum in New Delhi, said India is addressing the issue of trade with the US with a "very open mind, a positive outlook and the confidence that the India-US relationship is very consequential and very important to both countries."

A planned visit by the US trade negotiators to New Delhi from August 25-29 has been called off, dashing hopes for relief from the higher US tariffs on Indian goods.

Indian Prime Minister Narendra Modi has vowed not to compromise the interests of the country's farmers and is taking cautious steps to ease the relationship with China with his first visit in seven years.

Goyal said that warming of relations with China should not be linked with the India-US trade talks.